Financials Dogus Otomotiv Servis ve Ticaret

Equities

DOAS

TREDOTO00013

Auto Vehicles, Parts & Service Retailers

Market Closed - Borsa Istanbul Other stock markets 11:09:59 2024-04-30 am EDT			5-day change	1st Jan Change
283.8 ^TRY	-2.99%		-11.05%	+10.41%

Mar. 18	Transcript : Dogus Otomotiv Servis ve Ticaret A.S., Q4 2023 Earnings Call, Mar 18, 2024
Mar. 15	Dogus Otomotiv Servis ve Ticaret A.S. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	1,885	5,691	8,672	38,808	54,976	60,698	-
Enterprise Value (EV) ¹	3,675	7,422	8,291	36,003	54,976	56,080	60,396
P/E ratio	25.1 x	5.49 x	3.72 x	4.97 x	-	3.28 x	3.13 x
Yield	6.51%	9.49%	13%	-	-	13.8%	14%
Capitalization / Revenue	0.19 x	0.3 x	0.36 x	0.83 x	0.37 x	0.34 x	0.36 x
EV / Revenue	0.37 x	0.39 x	0.34 x	0.77 x	0.37 x	0.31 x	0.36 x
EV / EBITDA	6.18 x	4.56 x	3.49 x	4.58 x	1.97 x	2.4 x	3.13 x
EV / FCF	2,781,056 x	15,352,931 x	2,893,887 x	14,005,880 x	-	-	-
FCF Yield	0%	0%	0%	0%	-	-	-
Price to Book	1.51 x	2.49 x	2.21 x	3.7 x	-	1.77 x	1.48 x
Nbr of stocks (in thousands)	198,000	198,000	198,000	198,000	213,915	213,915	-
Reference price ²	9.520	28.74	43.80	196.0	257.0	283.8	283.8
Announcement Date	2/28/20	2/23/21	2/28/22	2/28/23	3/15/24	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	9,844	18,900	24,306	46,781	149,245	179,875	166,827
EBITDA ¹	595	1,628	2,378	7,853	27,847	23,384	19,325
EBIT	469	1,497	2,196	7,556	-	-	-
Operating Margin	4.76%	7.92%	9.03%	16.15%	-	-	-
Earnings before Tax (EBT)	57.23	1,288	2,969	8,521	-	-	-
Net income ¹	75.78	1,037	2,332	7,824	19,622	16,844	16,341
Net margin	0.77%	5.49%	9.59%	16.73%	13.15%	9.36%	9.8%
EPS ²	0.3800	5.239	11.78	39.41	-	86.39	90.57
Free Cash Flow	1,321	483.4	2,865	2,571	-	-	-
FCF margin	13.42%	2.56%	11.79%	5.49%	-	-	-
FCF Conversion (EBITDA)	222.07%	29.7%	120.49%	32.73%	-	-	-
FCF Conversion (Net income)	1,743.7%	46.6%	122.88%	32.85%	-	-	-
Dividend per Share ²	0.6200	2.727	5.682	-	-	39.08	39.73
Announcement Date	2/28/20	2/23/21	2/28/22	2/28/23	3/15/24	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	4,846	5,860	7,240	11,614	11,858	16,069	19,450	27,142	36,055	66,598
EBITDA ¹	575.6	494.3	1,201	2,157	2,378	2,117	4,061	5,750	7,227	10,089
EBIT	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income ¹	370	1,076	996.7	1,766	2,698	2,364	3,900	5,135	6,189	4,398
Net margin	7.63%	18.36%	13.77%	15.2%	22.75%	14.71%	20.05%	18.92%	17.17%	6.6%
EPS	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/9/21	2/28/22	5/10/22	8/18/22	11/9/22	2/28/23	5/9/23	8/21/23	11/9/23	3/15/24

¹TRY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	1,790	1,731	-	-	-	-	-
Net Cash position ¹	-	-	381	2,805	-	4,619	303
Leverage (Debt/EBITDA)	3.008 x	1.064 x	-	-	-	-	-
Free Cash Flow	1,321	483	2,865	2,571	-	-	-
ROE (net income / shareholders' equity)	5.95%	58.7%	70.3%	97.7%	-	38%	49.8%
ROA (Net income/ Total Assets)	1.6%	17.6%	27.6%	51.4%	-	33.7%	30.9%
Assets ¹	4,732	5,891	8,436	15,210	-	50,056	52,883
Book Value Per Share ²	6.290	11.60	19.80	53.00	-	160.0	191.0
Cash Flow per Share ²	6.610	3.400	14.90	19.10	-	37.30	27.10
Capex ¹	67.3	190	404	1,219	-	1,143	3,792
Capex / Sales	0.68%	1%	1.66%	2.61%	-	0.64%	2.27%
Announcement Date	2/28/20	2/23/21	2/28/22	2/28/23	3/15/24	-	-

¹TRY in Million²TRY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Dogus Otomotiv Servis ve Ticaret

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

283.8 TRY

Average target price

343.7 TRY

Spread / Average Target

+21.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Auto Vehicles, Parts & Service Retailers

	1st Jan change	Capi.
DOGUS OTOMOTIV SERVIS VE TICARET	+10.41%	1.93B
D'IETEREN GROUP	+14.87%	11.63B
HOTAI MOTOR CO.,LTD.	-12.55%	10.63B
PENSKE AUTOMOTIVE GROUP, INC.	-4.73%	10.42B
AUTONATION, INC.	+7.30%	6.66B
ZHONGSHENG GROUP HOLDINGS LIMITED	-23.02%	4.55B
ASBURY AUTOMOTIVE GROUP, INC.	-6.55%	4.41B
RUSH ENTERPRISES, INC.	-12.68%	3.6B
TUHU CAR INC.	-18.51%	2.24B
EAGERS AUTOMOTIVE LIMITED	-15.61%	2.16B

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